Occidental Petroleum · Earnings release

PRESS RELEASE

Occidental Announces 2nd Quarter 2025 Results

•Announcing $950 million of additional divestitures since the start of the second quarter of 2025, of which approximately $370 million has already closed. Occidental has repaid $3.0 billion of debt year-to-date through a combination of asset sales, organic cash flow and proceeds from warrants exercised

•Operating cash flow of $3.0 billion and operating cash flow before working capital of $2.6 billion

•Capital spending of $2.0 billion and contributions from noncontrolling interest of $51 million resulted in quarterly free cash flow before working capital of $0.7 billion

•Total company production above the mid-point of guidance with 1,400 Mboed

•Midstream and marketing exceeded the high-end of guidance for pre-tax adjusted income

•Earnings per diluted share of $0.26 and adjusted earnings per diluted share of $0.39

•Reducing the mid-point of 2025 capital guidance by $100 million and international operating costs by $50 million, driven by continued operational efficiency gains. Year-to-date, Occidental has realized or identified $500 million in capital and operating cost reductions from the original guidance

HOUSTON — August 6, 2025 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders of $288 million, or $0.26 per diluted share, and adjusted income attributable to common stockholders of $396 million, or $0.39 per diluted share, for the second quarter of 2025.

"Continued well performance leadership and a focus on enhanced operational efficiencies enabled us to generate strong financial results in the second quarter," said President and Chief Executive Officer Vicki Hollub. "By unlocking lower cost resources, accelerating our deleveraging efforts and advancing our strategic growth projects, we have positioned our portfolio to deliver long-term value."

QUARTERLY RESULTS

Oil and Gas

Oil and gas pre-tax income was $934 million for the second quarter of 2025. Excluding items affecting comparability, the decrease in second quarter oil and gas income, compared to the first quarter of 2025, was due to lower commodity prices, partially offset by higher crude oil volumes and lower lease operating expense. For the second quarter of 2025, average WTI and Brent marker prices were $63.74 per barrel and $66.59 per barrel, respectively. Average worldwide realized crude oil prices decreased by 10% from the prior quarter to $63.76 per barrel. Average worldwide realized natural gas liquids prices decreased by 20% from the prior quarter to $20.71 per barrel. Average domestic realized gas prices decreased by 45% from the prior quarter to $1.33 per thousand cubic feet (Mcf).

Total average global production for the second quarter of 2025 was 1,400 thousand barrels of oil equivalent per day (Mboed). Average production for Permian, Rockies & Other Domestic, Gulf of America and International were 770 Mboed, 272 Mboed, 125 Mboed and 233 Mboed, respectively.

OxyChem

OxyChem pre-tax income was $213 million for the second quarter of 2025. Excluding items affecting comparability, second quarter OxyChem income was relatively unchanged compared to the first quarter of 2025 and reflected negative inventory adjustments, offset by improved export demand for caustic soda and polyvinyl chloride (PVC).

Midstream and Marketing

Midstream and marketing pre-tax income was $49 million for the second quarter of 2025. Excluding items affecting comparability, the second quarter midstream and marketing results exceeded the high end of guidance. Compared to the first quarter of 2025, the increase in second quarter midstream and marketing results reflected higher gas marketing margins from transportation capacity optimization in the Permian and higher sulfur prices at Al Hosn. WES equity method investment income for the second quarter was $150 million.

Supplemental Non-GAAP Measures

This press release refers to adjusted income (loss), operating cash flow before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted selling, general and administrative (SG&A), other operating and non-operating expenses, which are supplemental measures not calculated in accordance with generally accepted accounting principles in the United States (GAAP). These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as an alternative to the comparable GAAP financial measures. Definitions of adjusted income (loss) and a reconciliation to net income (loss), along with operating cash flow from continuing operations before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses and a reconciliation to the comparable GAAP financial measures, are included in the financial schedules of this press release.

Occidental’s definition of adjusted income (loss), operating cash flow from continuing operations before working capital, capital expenditures, net of noncontrolling interest, free cash flow before working capital and adjusted SG&A, other operating and non-operating expenses may differ from similarly titled measures provided by other companies in our industry and as a result may not be comparable.

About Occidental

Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “predict,” “will,” “would,” “should,” “could,” “may,” “might,” “anticipate,” “plan,” “intend,” “believe,” “expect,” “aim,” “goal,” “target,”

“objective,” "commit," "advance," “likely” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause results to differ from those projected or assumed in any forward-looking statement include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental's proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; government actions (including the effects of announced or future tariff increases and other geopolitical, trade, tariff, fiscal and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental's ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental's ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes, and deep-water and onshore drilling and permitting regulations; Occidental's ability to recognize intended benefits from its business strategies and initiatives, such as Occidental's low-carbon ventures businesses or announced greenhouse gas emissions reduction targets or net-zero goals; changes in government grant or loan programs; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental's counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates, deductions, incentives or credits; and actions by third parties that are beyond Occidental's control.

Additional information concerning these and other factors that may cause Occidental's results of operations and financial position to differ from expectations can be found in Occidental’s other filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

Media

Investors

Eric Moses

R. Jordan Tanner

eric_moses@oxy.com

investors@oxy.com

Occidental Petroleum Corporation

Earnings Release Schedules Index

Schedule # and Description

1.Summary Highlights

2.Items Affecting Comparability Detail

•Before Tax Allocations

•After Tax Allocations

3.Segment Results Before Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

4.Segment Results After Tax Allocations

•Reported Results

•Items Affecting Comparability

•Adjusted Results (non-GAAP)

•Reconciliation - Diluted EPS

5.Consolidated Condensed Statements of Operations

6.Consolidated Condensed Balance Sheets

7.Consolidated Condensed Statements of Cash Flows

•Detail of Capital Expenditures and Depreciation, Depletion and Amortization

•Free Cash Flow (non-GAAP)

8.Oil & Gas Net Production Volumes Per Day

•MBOE/D

•By Commodity

9.Oil & Gas Net Sales Volumes Per Day and Realized Prices

•MBOE/D

•Realized Prices and Related Index Prices

10.Oil and Gas Metrics

SCHEDULE 1

Occidental Petroleum Corporation

Summary Highlights

Quarterly

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Net Income ($ millions)

Reported income attributable to common stockholders

$

$

$

$

$

$

$

$

Reported EPS - Diluted ($/share)

$

$

$

$

$

$

$

$

Effective tax rate on reported income (loss) (%)

%

%

%

%

%

(a)

%

%

%

Adjusted income attributable to common stockholders (Non-GAAP) (b)

$

$

$

$

$

$

$

$

Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)

$

$

$

$

$

$

$

$

Effective tax rate on adjusted income (loss) (%)

%

%

%

%

%

%

%

%

Average Shares Outstanding - Reported & Adjusted Income

Basic (millions)

Diluted (millions)

Average Shares Outstanding - Adjusted Income (Non-GAAP)

Basic (millions)

Diluted (millions)

Daily Production Volumes

Total US (MBOE/D)

US Oil (MBBL/D)

Worldwide Production (MBOE/D)

Worldwide Sales (MBOE/D)

Commodity Price Realizations

Worldwide oil ($/BBL)

$

$

$

$

$

$

$

$

Worldwide NGL ($/BBL)

$

$

$

$

$

$

$

$

Domestic gas ($/MCF)

$

$

$

$

$

$

$

$

Cash Flows ($ millions)

Operating cash flow before working capital (Non-GAAP) (d)

$

$

$

$

$

$

$

$

Working capital changes

$

$

$

$

$

$

$

$

Operating cash flow

$

$

$

$

$

$

$

$

Capital expenditures, net of noncontrolling interest (Non-GAAP) (d)

$

$

$

$

$

$

$

$

Year-to-date

Mar

Jun

Sep

Dec

Mar

Jun

Sep

Dec

Net Income ($ millions)

Reported income attributable to common stockholders

$

$

$

$

$

$

Reported EPS - Diluted ($/share)

$

$

$

$

$

$

Effective tax rate on reported income (loss) (%)

%

%

%

%

%

%

Adjusted income attributable to common stockholders (Non-GAAP) (b)

$

$

$

$

$

$

Adjusted EPS - Diluted (Non-GAAP) ($/share) (c)

$

$

$

$

$

$

Effective tax rate on adjusted income (loss) (%)

%

%

%

%

%

%

Average Shares Outstanding - Reported & Adjusted Income

Basic (millions)

Diluted (millions)

Average Shares Outstanding - Adjusted Income

Basic (millions)

Diluted (millions)

Daily Production Volumes

Total US (MBOE/D)

US Oil (MBBL/D)

Worldwide Production (MBOE/D)

Worldwide Sales (MBOE/D)

Commodity Price Realizations

Worldwide Oil ($/BBL)

$

$

$

$

$

$

Worldwide NGL ($/BBL)

$

$

$

$

$

$

Domestic Gas ($/MCF)

$

$

$

$

$

$

Cash Flows ($ millions)

Operating cash flows before working capital (Non-GAAP) (d)

$

$

$

$

$

$

Working capital changes

$

$

$

$

$

$

Operating cash flow

$

$

$

$

$

$

Capital expenditures, net of noncontrolling interest (Non-GAAP) (d)

$

$

$

$

$

$

(a) Percentage impacted by reported net loss.

(b) See schedule 3 for non-GAAP reconciliation.

(c) See schedule 4 for non-GAAP reconciliation.

(d) See schedule 7 for non-GAAP reconciliation.

SCHEDULE 2

Occidental Petroleum Corporation

Items Affecting Comparability Detail

(amounts in millions)

Before Tax Allocations

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

Legal reserves and other

$

—

$

—

$

—

$

—

$

—

$

—

$

$

Losses on sales of assets and other, net

—

—

—

—

—

Asset impairments

—

—

—

—

—

—

Total Domestic

—

—

—

—

—

International

Legal reserves and other

—

—

—

—

—

Total International

—

—

—

—

—

—

—

Total Oil and Gas

—

—

—

Chemical

Legal reserves

(6)

—

—

—

Total Chemical

(6)

—

—

—

—

—

Midstream & Marketing

Derivative gains (losses), net (a)

5

Asset impairments and other charges (a)

—

—

—

—

Gains on sales of assets and other, net (a)

—

—

—

—

TerraLithium fair value gain

—

—

—

—

—

—

Total Midstream & Marketing

—

—

Corporate

Acquisition-related costs (b)

(9)

(6)

(6)

Gains on sales of assets and other, net

—

—

—

—

—

—

Passaic environmental reserve

—

—

—

—

—

—

Environmental receivable valuation allowance adjustment

—

—

—

—

—

—

Total Corporate

(6)

(6)

—

—

Income tax impact on items affecting comparability

7

(9)

4

Income tax impact on Algeria contract renewal

—

—

—

—

—

—

State tax rate revaluation

—

—

—

—

—

—

Discontinued operations, net of taxes

—

—

—

—

—

—

Total

$

$

(1)

$

$

$

$

$

$

—

$

—

$

After Tax Allocations

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

Legal reserves and other

$

—

$

—

$

—

$

—

$

—

$

—

$

$

Losses on sales of assets and other, net

—

—

—

—

—

Asset impairments

—

—

—

—

—

—

Total Domestic

—

—

—

—

—

International

Legal reserves and other

—

—

—

—

—

Total International

—

—

—

—

—

—

—

Total Oil and Gas

—

—

—

Chemical

Legal reserves

(5)

—

—

(8)

—

Total Chemical

(5)

—

—

(8)

—

—

—

Midstream & Marketing

Derivative gains (losses), net (a)

3

8

Asset impairments and other charges (a)

—

—

—

—

Gains on sale of assets and other, net (a)

—

—

—

—

TerraLithium fair value gain

—

—

—

—

—

—

Total Midstream & Marketing

—

—

Corporate

Acquisition-related costs (b)

(7)

(5)

(4)

(9)

Gains on sales of assets and other, net

—

—

—

—

—

—

Passaic environmental reserve

—

—

—

—

—

—

Environmental receivable valuation allowance adjustment

—

—

—

—

—

—

Total Corporate

(5)

(4)

—

—

(9)

Discontinued operations, net of taxes

—

—

—

—

—

—

Income tax impact on Algeria contract renewal

—

—

—

—

—

—

State tax rate revaluation

—

—

—

—

—

—

Total

$

$

(1)

$

$

$

$

$

$

—

$

—

$

(a) Included gains on sales, charges and derivative gains (losses) from income from equity investments and other.

(b) Included debt issuance costs from interest and debt expense, net.

SCHEDULE 3

Occidental Petroleum Corporation

Segment Results Before Tax Allocations

(amounts in millions, except per share and effective tax rate amounts)

Reported Income

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

$

$

$

$

$

$

$

International

Exploration

Total Oil & Gas

—

—

Chemical

Midstream & Marketing

Segment income

—

—

Corporate

Interest

Other

Income from continuing operations before taxes

—

—

Taxes

Federal and state

International

Income (loss) from continuing operations

—

—

Discontinued operations, net of taxes

—

—

—

—

—

—

Net income (loss)

—

—

Less: Net income attributable to noncontrolling interest

—

(8)

(7)

(7)

(9)

Less: Preferred stock dividends

Net income (loss) attributable to common stockholders

$

$

$

$

$

$

$

$

—

$

—

$

Reported diluted earnings per share

$

$

$

$

$

$

$

$

Effective Tax Rate

%

%

%

%

%

%

%

%

Items Affecting Comparability

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

—

$

—

$

$

$

$

—

$

$

International

—

—

—

—

—

Exploration

—

—

—

—

—

—

—

—

Total Oil & Gas

—

—

—

Chemical

(6)

—

—

—

Midstream & Marketing

Segment income (loss)

—

—

Corporate

Interest

(6)

3

—

—

—

Other

(6)

(6)

Income (loss) from continuing operations before taxes

—

—

Taxes

Federal and state

7

(9)

4

International

—

—

—

—

—

—

Income (loss) from continuing operations

(1)

—

—

Discontinued operations, net of taxes

—

—

—

—

—

—

Net income (loss)

(1)

—

—

Less: Net income attributable to noncontrolling interest

—

—

—

—

—

—

—

Less: Preferred stock dividends

—

—

—

—

—

—

—

Net income (loss) attributable to common stockholders

$

$

(1)

$

$

$

$

$

$

—

$

—

$

Adjusted Income (Non-GAAP) (a)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

$

$

$

$

$

$

$

International

Exploration

Total Oil & Gas

—

—

Chemical

Midstream & Marketing

7

Adjusted segment income

—

—

Corporate

Interest

Other

Adjusted income from continuing operations before taxes

—

—

Taxes

Federal and state

International

Adjusted income

—

—

Less: Net income attributable to noncontrolling interest

—

(8)

(7)

(7)

(9)

Less: Preferred stock dividends

Adjusted income attributable to common stockholders

$

$

$

$

$

$

$

$

—

$

—

$

Adjusted diluted earnings per share (Non-GAAP)

$

$

$

$

$

$

$

$

Effective Tax Rate

%

%

%

%

%

%

%

%

ADJUSTED INCOME TAX BENEFIT (EXPENSE)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

CURRENT

$

$

$

$

$

$

$

$

DEFERRED

(7)

TOTAL ADJUSTED INCOME TAX BENEFIT (EXPENSE)

$

$

$

$

$

$

$

$

—

$

—

$

(a) Non-GAAP Measure. Adjusted income is a non-GAAP measure. Occidental defines adjusted income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. This non-GAAP measure is not meant to disassociate those items from management’s performance, but rather is meant to provide useful information to investors interested in comparing Occidental’s earnings performance between periods. Reported net income is considered representative of management’s performance over the long term, and adjusted income is not considered to be an alternative to net income reported in accordance with GAAP.

SCHEDULE 4

Occidental Petroleum Corporation

Segment Results After Tax Allocations

(Amounts in millions, except per share and effective tax rate amounts)

Reported Income (Loss)

Qtr 1

Qtr 2

Qtr 3

Qtr 4

TY

Qtr 1

Qtr 2

Qtr 3

Qtr 4

YTD

Oil & Gas

Domestic

$

$

$

$

$

$

$

$

International

Exploration

Total Oil & Gas

—

—

Chemical

Midstream & Marketing

Segment income

—

—

Corporate

Interest

Other